AGF Management Limited Earnings Call Nuggets: Global Products and Institutional Business
AGF Management Limited (AGF.B) recently reported its third quarter earnings and discussed the following topics in its earnings conference call.
Geoffrey Kwan – RBC Capital Markets: First question I had was just on the retail side of the business, I know you talked, Blake, a little bit on the flows and I think what the industry flows that you’re showing bond funds not doing well, dividend fund more recently not doing well. On the equity side – staying with the equity side it has been the Global in the U.S. equity. Can you talk about what you guys have been seeing today? Is that the same for you guys or are you seeing different experience?
Blake C. Goldring – Chairman and CEO: I would say that certainly Global products continue to be a real bright spot, certainly our Global dividend net sales increased significantly year-over-year. Our U.S. as well as – American growth fund and U.S. AlphaSector Class those sales have also been very encouraging. So, I think that those are general trends that we’re definitely seeing. The Floating Rate Fund as well as – several people being concerned about the rising interest-rate environment we found that this has been a very key area for us as well.
Geoffrey Kwan – RBC Capital Markets: Switching to Smith & Williamson, Bob, I had a question in terms of when you talked about the dividend, where you talking about on the quarter-over-quarter or year-over-year? Then also on Smith & Williamson, just given that the markets have been better, are you guys with the other shareholders been revisiting potential monetization of that asset, whether not it’s potential sale or an IPO?
Robert (Bob) J. Bogart – EVP and CFO: With respect to the first part of the question Jeff, it would be increased on a quarter-over-quarter basis and we get the dividends twice a year, so the next one we scheduled in October. The latter part that – that strategic review is an ongoing review with management, I would say that their preference in the short term is probably not to monetize in the sense of an initial public offering, although that’s something that I know has been on the strategic docket in the past and maybe brought to light in the quarters to come with the improving markets in the U.K. but at this point in time there are no plans…